MMC Norilsk Nickel (Nornickel)
MMC Norilsk Nickel (Nornickel)
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The challenges of sanctions pressure on top of global inflation and commodity markets volatility have sent Russian mining giant Nornickel’s free cashflow plunge 90% to $US437M for FY2022, from $4.4B in the previous year.
With disrupted logistics and sales reorientation to new markets offsetting higher nickel and cobalt prices and improved production, its full year revenue of $16.9B (FY2021: $17.9B) delivered lowered EBITDA of $8.7B ($10.5B) and net profit of $5.9B ($7B).
Russian mining giant Norilsk Nickel has trumpeted its success in changing its logistics and procurement channels for minimising the negative impacts on its operations of western world sanctions following the military attack on Ukraine.
Nornickel says it began receiving equipment and spare parts from new suppliers in Russia and “friendly countries” in the Dec qtr despite what it describes as changes in the geopolitical situation.
Russian mining giant Norilsk Nickel says its platinum group metals production chain is operating normally and tests are being run on the nickel production line following a fire on Sept 14 at its operations in Russia’s Zabaykalsky Krai.
Physical damage from the 12-hour fire was confined to the cobalt section of its Kola MMC Nickel Electrowinning Shop-2.
Nornickel is able to produce cobalt in concentrate while specialists assess the work required to restore full operations.
Russian miner Nornickel has agreed to a 27-year program to restore aquatic bioresources in compensation for the environmental devastation caused by a spill at the palladium-nickel-platinum-copper giant's emergency fuel reservoir in 2020.
The remediation program is part of a settlement agreement worth nearly RUB60B sought by Russia’s Federal Fishery Agency and approved by an arbitration court in the Krasnoyarsk region.
World No 1 palladium and high-grade nickel producer Norilsk Nickel says higher metal prices and sales from palladium inventories offsetting the production losses caused by industrial incidents enabled it to lift consolidated FY2021 revenue to USD17.85B, from USD15.55B a year earlier.
Nornickel’s Oktyabrsky mine returned to full production capacity in mid-May and the Taimyrsky mine and Norilsk concentrator in Dec.
Russian heavyweight Nornickel has emerged from a troubled year marked by temporary shutdowns of its Norilsk concentrator due to an accident and Oktyabrsky and Taimyrsky underground mines due to groundwater inflows by lifting its FY2022 production guidance.
Russian mining giants Nornickel and Russian Platinum Group have advanced their partnership to develop the promising Chernogorskoye platinum-copper-nickel field in the Krasnoyarsk region through the signing of power, transportation and logistics service contracts.
Nornickel will supply electricity, gas, oil products, rail and river transport and cargo transhipment for five years until late 2026.
The increasing pace of the recovery from underground flooding of two mines and a major plant failure is supporting the decision by Russian mining giant Norilsk Nickel to maintain its FY2021 guidance despite falls of up to 23% in production for the first nine months of the year.
Nornickel says the Octyabrsky mine is again operating at full capacity and Taimyrsky mine at 85%, heading towards full capacity by the beginning of December. The Norilsk concentrator is back at 93% and is also due to reach full capacity by December.
Russian mining giant Nornickel has maintained its FY2021 production guidance despite significant June qtr (Q2) and half-year (H1) declines in all key metals due to groundwater flooding of the 5Mtpa Oktyabrsky and 4.3Mtpa Taimyrsky underground mines and accidental damage and repairs of the Norilsk concentrator.
Russian giant Nornickel has resumed full capacity production of 14,100tpd mined volume at its Oktyabrsky underground mine on the Kola Peninsula nearly three months after groundwater inflow forced it to halt operations in Feb.
Since it completed sealing and backfilling of the water source, Norilsk Division head Nikolay Utkin says the company has completed water pumping from the horizons of the mine and ore extraction and shaft operations have resumed.